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HomeMy WebLinkAbout2004-01-12 04-54 RESOLVECOUNCIL ACTION Item No. 040454 Date: 1-12-N Item/Subject Resolve, Ratifying Bxeordon of Consent to Agreement Regarding Parking and Consent m Amendment W Financial Assistance Agreement Between the Maine State Housing Authority and Bangor Development Asmciates— School House Apartments. Responsible Department: Legal Commentary: The City has a long term lease agreement with Bangor Development Associates for parking for the School House Apartments on Harlow Street. This agreement was insbvmenbl in bringing about the private redevelopment of the farmer Bangor High S ool building located neat to the Library. Bangor Development Associates Is restructuring its debt As a part of this process, two documents hom Me City were required acknowledging the parking lease and consenting m the debt restructure. We received notice of the need for these documents only a short time before the closing on the debt restructure, and the. City Manager executed them on the advice of the Legal Department so that the closing could proceed as scheduled. The City has undertaken similar consent agreements in the past when the project has been refinanced. I would recommend your approval. Department Head Manager's Comments: Recommend approval. - rr U. City Manager Associated Information: Agreements Finance Director CRY saliMr Introduced for X Passage _ First Reading Page_ of Referral Pssigyed to Couoeilot D'8tiico January 12, 2004 CITY OF BANGOR (117LE.) Resolve, Ratifying Execution of Consent to Agreement Regarding Parking and Consent W Amendment to Financial Assistance Agreement Between the Maine State Housing Authority and Bangor Development Associates -School House Apartments. BE R RESOLVED BY THE CRY COUNCIL OF THE CITY OF BANGOR, THAT The execution by the City Manager of a Consent to Agreement Regarding Parking and a Consent to Amendment to Financial Assistance Agreement, both agreements being between the Maine State Housing Authority and Bangor Development Associates, is hereby ratified. - ---- M CITI COMCIL - January 12. 2006`.,1f Passed 06-86 tl 6650�VE (TITLE,) Ratifyiw t eeutian of Cowen to _ Agreement Regarding Parking and Comment t AmeodmmC to Financial Asaistmace Agreement y and Bangor Oeveloymeut Associates — School ansa MARVESTATEHOUSWGAUTHORPPT PRESERVATION FINANCING PROGRAM AGREEMENT REGARDING PA G This Agrmmftt Regudmg Parkingu eutuMium thu_da➢of October, 2003 by andbetween the Maine Sate Housing Autbodty, a public body cc aposure and politic and an msuummelity of tbe State of Malnewith a madding addms of 353 WemcSna4Augusr; Men40433 33, and Bangor Development Assooatee, a a limited pamashT, with a m mg,d ss of 183 Harlow Smet Hasim, Mme 0fl 1 WHEREAS, rhe Developeria tbe owos of multi-ttmtxeidmdslrmmlprojett §Owen as Scboofmae Apummn located at and near 183 Harlow Street, Bangor, Peoobscat County, Mme and mons pamnalai ly dumbed m a MOv" and Sensory Ageammt dated January =, 1985, and tecoNed is the Penobscot County 14mtry of Denis in Hook 3622, Page 171, and modified by Mottgsge Mod5meoa Agreement dated Decmhen 30,1993 and necoaded in Said Regis tr➢m Book 5529, Page 76, and nwdified by greond Morg Mod imoa Agaewmt of even dam herewith(foo "Mortgage'); WHEREAS, rhe Developer is rhe Lessee mile: a cemvn lease Aspeenceastwith the Cil of Bangor ('2essm'J dated Ape131,19M, as emended by ammdmenm dated July M, 1987 and May X, 1992 (m "Leve Agreunmt'), a M anoamdum of am Lease Amsonmt ham is been eaoreled in the Penobscot Repay of Deeds, with aegm ro cafain nasi estate ivclud.g eippt (8) pukwg spaces lova ulon the southmmNy pordon of the so-ea0ed Abbott Squat PukivgLot bated it Or neat Fiamav and FimDin Srnsem and twenty-two (22) puking spam kooml in the so-dled Atka Packing Lot located at and near Cu Iscmnd and Spring Smeea,both in Bmgor, Penobscot County, Maine, with my boildivgs thereon and apptitemanms theme locmel and being mare pard Wb, dwctibed as seal Lease Agtem,mt(she "Lased Ftwisn"(me Moatgwd P',mos and the Leash 3ancoms collectively the 'Development); WFIRREA% MSFiA u reameatusing M®sting loan and providing a new loan(m tbely. the "Lome)w the Developer in connection with rhe Development mea MSHA's Subsalumt Loan paogam m rthemv<e of 's mrpovm p oats under die Maine Housing AuthoutiesAc; consfivtlogTitle30- A, Chapter 201, of the Mme Revised Sarins, as ammdai (the "An'); and WHEREAS, WH requving mat as a cooditim oftbe Loan Dadops poome and meamiv at au times during the ran of this Agreemmta issismina of_paeking Sparta for the aclwive benefit of &a xvnn of the Mortgaged Pon aura lo accordance with the reams and couditims of this AgcmmK and WHEREAS, the Lased Pnamu is uibm! by D oper to provide 30 pahing Spam fot mea mmeenwwhh meDrnelopmmG and WHERFJaR, the Lased Premises is subject to fbe Moatg NOW, THEREFORE, IsLSFIA and Develops agree as follows: 1. Recitals lncoMommd. MBNA and Developer herby admowledge and agate float the above retimis See ane and couem and ansiucoapomred beam and made upas[of dais Agreement Z. Term. Tne nam ofthu Agementshatl be thepmotl begwwgm the dam of tivsAgeemmt e Deodm the Una ofine (o) dam rhelnm ie peidin fWl end (b) the expimdoa of the use(nl life oftloe velapmment t v deremwed byhdSEIA. Mame Snn Flowing Avmouq Subaegomt Lmu Pmgtem PssePasse t l of(gement 4 3. ltepimnumstiome. The Devecprr repmamss and wam ms as follows: a Le' Tne Developer hereby represses and wamvts to bl H that Developer is me sole owner of du entire lessee's nems[ sada she Lease Agreement and me Ltase A�emmt¢maws effective and enforceable according to its termly and has not been sleeted, mod5ed or mundedin avymems whnboevs and that the Develops and dere Lessor are not defeult coda the consents, terms and conditims of me Lease Agmnmeoc b. ljpy he Develops hexhy eepmmx: avdmvnvpb MSHAthax the Mottgageu effective and en6mr eaccmdwg to its terms and covsdmtes awdid andrnfosceab4 lien and valid aaei�mmtmf rhe DevelopCs wmmstiv me Lnud Premiers. 4 Coveremm. heDmelops hereby covenmn and represen�smMSFiA as follows: a weDeveloper sbaR complywish aLLcovevavn,seems and rmliious of tire Lease Agremeat and shall mmply with A mvmanrs s®s and cmedmons of she Ground Lmae Mosgage. b. ProvltimnfAakmv. Develops shillprovide mdvuinmin rax a0 rima duong dere re®of tills Agreement a mmmom of_ pinking spaces for the aclusive bmefit ofthe tmma of the Mortgaged Promises and the Development Developer shill locate and mammina momnsmn of _ of the requeed parking sgms mute s 183 Harlow Smm[, Bangor, Maine, which premow are more paticalady described in the attached ahf it A, at ill times dung she t® of this Agreement Dndoper shad home and mammies rhe r®aivmg rc,pi M pahing spaces an me premises sabjem to the Lease Agvement for rhe came t® of the Leine Agreemmt Developer shag within not less therm one memh prim to rhe expiration o£ihe t of me Leve Agcwnent as set forth tmeran, lease M mmbstimm Parking spacce to replace me 3o space merited and nasktammca rbe Leered Premises for me omsiming term Of the eivotiil simwoe Agreemmx dnredJune 4, 1984, as amended byAneendment mP an al Asmmes Agremmt dated Dermbs 3o, 1993, m amended or modified, which parting spaces shall be located wittim a reasonable ptu mityto the Mortsps MPremiers. no Developer shall obtam me cement and approval of Bank wth regard m ties location of the 30 substitute parking spaces poor ro leasing me said M e,bstmte patting spaces, which emumx and approval by MS HA shad not umeasonably "mmehl. 5. Compliance. Developer sh&fumiab to MSHA such mformadon as MSHA may rePme is form amepmble m MSHA to detemtine Developees comphavce, verb rhe mvmmn set foam herein. 6. Yoladoa Developer smillimmaGatelynotify MBHAiftbe Develops antiapam mdiscoveas my tormsomplimce, vath my ammo m or coveamtm this Agree t, Developer agren to cake such action m MSHA dsms necessary to prevent noacomp4anm or to correct or ane my failure to comply with me vmama m thu Agoe®mt In the event the De clop r fids m complyatih the covenants set form herein and fails mane such mnmmpliaace smnm my applicable cue period, Develops shill beer elefiult under rbia Agmemmt and the docummn crecreted w mmomm with the Loan rad MBNA abau be We to sense my of its rights under the HowmS Asaimtmce Payment Contract related to the Developmmt end the dommrnn resorted m emordam wider the Lmm, miumam an acton m taw m m efahy agamst the Develops to evwvs the dmaags incurred by MBNA from such fmand to mquue time Developer, thm,* mivactive relof or spmi5c pm£ocoance m comply with the protmom, and covmmd set forth Mame Some Howng Anrhovry Snbaegnmtlaan Pmgmm PamaBApcmmt Par 2of4 hada and w immcliatdy cure any faEure to co�"tb tb, cu enan¢ art forth herao. Indemo5mdov. Developer sbillmdmmify sad hohl MSHA and is z cats bemtcs from and agaan my sad aE claiw, demand, liabitiq, Im, cost or xpMse(mcladi bot not Emiced to tesswabk attorneys' fees and other cosy ofRdgedon) which may be incurred by MSHA edea&bet aurin my way rdawd to the Dmdop&s brunch of my of its oblig,dans under dsu Ag eat or my action mkm by MSHA to enforce or er e its a2ftta uader doe Agtteencnt es armult of sorb bseucb. The olaUg,don under this Ag<eemmt shA suaioe the ce fion or expiation of this Agtemtmt m nmeua to effectuate ib pcovmons. 8. Modifieadon. This Ageemeat moy be amended or mod ed in whole or m part Daly bywritteo Ween®t of the Developer and MSHA dearly eapresaug the mteot to modify the Agre®mc 9. Severability. The iw ty of my clause, Asst or pro bu of this Ag cot shill Dot af[ the wEdiq of th<tmasaagpOadoas rhmeoE 10. Successors and Assigm. his Appeemmt shell be bludwg opo, the Deadoper's heirs, pen... represmhmv ,m vm, admai=a mceessor%sssigos and tansfesees, and shill inure to the benefit of aM be mforceble by MSHA, it summon, t se and uagas. tl. Governing Law. hh Ageemmt shill be comm din a=oc6uce ni and govmnsl by the lame oftbe State OfMn,e. IN WRRNESS WHEREOF, ties Ag eat ha been"y aeeuv by the paades hetero a of the date et above wa . MAINE SPATE HOt1SING AUT'HOIUTY Bp W moa Rick GoectiE to MWvfamly Lvaa Office C Maive Score Hu,uvg Aneh,ury 5,6<� tl.am Pmgem emaot PW 3,f4 Page 3,f6 BANGORDEt WPMENTA53O=ES By: Baugot Schoolhouse Asmdatm -Its Genal Paz ,e BT- Rober Bs cgjr. In Pazmer A Patine Rapaport In Pssnwc M-56 JOI ERANDCONSENTOPL EDPARTNERcomTbc Gry ofBavgar,u Lasmo, Lerebyjolm co tlmi Adm Seectf toe sok aadlimited purpose of sc4 w ffif mogmdenofthe by ythem%ed iv oeedoo 3 of shu Agremmt cod coveaavg m themod5udw of the Moagage bythe' eE said Sxond Mo0gage ModS<amn Agreement CITY OF BANGOR :mens Fmis.x A Z m IN 04? v c Smm of Maine Couvty of Kemebec, es. October,2003 Pmowly appeased me aborcosmed Rick Cburrha Muldfamdy Loan 01� for Maine Sure Housing Authority and gene mtb to the f� and aclmowledged before me the finegomg to be He @a ext sod deed m his said capacity and the fire a and deed ofs,A Mane Sute Housing AufmmT. PontN m Notuy Public/Atmmey-at-Law My Commisa mE.piees: Sate ofMome County oflCeonebec, ss. Octobu� No Puam Oy appaeed the above-named Robert Bad&,odjs., Partner oflbn Se000lhowe Associates, Gmcsl Pacmec of Bangor Development Assooem and gave oath m the foregoing and aekvomledged before me the for,,irgm be bk fere est and deed s hu said cep",, the fia art end deed ofBanga Scbool Home Assoeiam kin said asperity, and for free art and dad of said Bangor Development Aaooates. PmtN m Notuy PublicEq=m: Law My Comoasaoa w Ezpiees: Marc Snte Hauaivg Authovry Snbsequmt Ivan Pwgnm Page of ement 4 OY56 04-54 MAINE STATE HOUSINGAUTHORITY - AMENDMENT TO FIbl NCIAL ASSISTANCE AGREEMENT Tlds as mAmeadment ("Ammdmmt') to acettain Pinandal Aasismnce Ageemmt by and between the Maine State Housing Authority, apubkc body corporate trail Park arta an wamummrobb of Ne Stare of blame mE 1 place of business an Augusta, Maine, (MSHA') and Baugoe Development Associates, a Maineliwred pattnaship with a place ofcosines a w Hemp; Maws Pan 'Tin atoPe� dared jwe 4,1984 end recorded in. the Penobscot Cowty, Registry of Deeds m Book 3622, Page 105, as modified by Modification of Financial Assistance Agreement datdJose 4,1984 and tearm d N sttl Registry In Book 4861, Page 292, and a amended by Amendment m Fiasmial Assistance Agreement dated December 30, 1993 and recorded in said Regissyw Book 5529, Page 95 (the "Ageemmf). r A. Caphadised t®s not ofbeawise debned or ndefined heroin shall base the same meaning aecolei to Nem in the Agreement. B. MSHAup,,crEga mbsnpoent mortgage lora to Ne Developer for the whalsamEs, of the Devebpment deet bai in PSWlut A to the Agreement which Developuwip operate as a 60 wit fwmly project (add morgage lows together with me mortgage loan pamided by Maine Savings Bank to the Devdoper on or shoat January 22,1985 and asipped to MSHA m January, 22,1985 or me acgwsfwv and cebabNm m, or wnsbuctisn of the Devebpmmt are collectively refmmd m brew as the "Wan"). C. Tire Loeo is secured by a Est bon Mortgage and S•^^ry, Agremmot datedjeunary 22, 1985, recorded in the Penobscot Camey Regisuy of Ds& m Book 3622, Page 171, and modified by Mortgage MoObEatioa Agrcwesd dated December 30,1993 and recorded m said Registry in Book 5529, Page 76 and by Second Mortgage Modilicaficn Agaemmt of Oman dare with dw Ammdmmt to be teamed ImmiA. D. MSHA has muff or proposes to ime, cemw mortgage purchase bonds, the proceeds of which will be use to Beconce the okifimal mortgage loan (said boots mgethm each Ne bonds usad by MSHA to fierce the mortem loan provided by MSHA m tie Develaper on or about September 10, 1999 we couemaly tefemd m l,mein as the "Boats'). E. Section 145 ofran Internal Revenue Code of 1986,a amended,(the"Code-) and the mgulamns pmmulgamd themmda (the "Paplations') impose resNctions w the issuance of Ne Bonds by MSHA. Pursuant to the Code tad the Reguladone, Developer must comply earl, me restatements described an the Agreement, m modified by due Assessment, or the amnam on the Bombs 0 remain eardndmle from gross income for putpases of Fedmil iwame msatian. F. MSHA a ad Ne Devdopm svishto amend the Agreement to clarify me me of Ne Demlopmmt and to make the ten, of the Agreement corc®insns with the Wm. AMENDMENT In ummEmllon of Ne Wm van other good and vimable wnsldmation, the receipt and sufficimry of which are hereby acknoeledgd, MSHA and Ne Devempm agree as foSma: 1. Patagnph l conceming Ne cimafion of the Qualified Project Period shall be delete aM replaceda follows: AMmeiHotting AUAovty wndmaof3 roPmmail Aaunmm Agrz®rat Paget of3 - I` T'he Qu Sed Project Period to, the Development shah be the pevod begmnivg ou the fimt day on which lhu/n of She mai tW units io the Development ere occupied and coding on d:e Uta of (i) Ombu2033 of () Wale dse paotoos, Note b the ongmal pm,,,O=obot of $190," dated Ombv J 2003 given by the Developetr to the Authority teazm oubtiaul g I Except v modified by this AmmdaenS the tams and conditions Of the Ag:eemmt temam in" fors usd effect. BV WITNESS WHMOF, this Amendment hes been duty aerated by and on behalf of and the Devalo as of the_ day, of Octobeq M03. - - MAINE STATE HOUSR4GAUTHORITY BT IUd ChmtBJl Its Muldfamdy Lom Off BANGOR DEVELOPMENT ASSOC TES Sy. B ooNowe Assoaates �j,�q� [rs Puma B s Witness Robert, Id Pumvu CONSENT AND AGREEMENT. The ❑ty ofBaogo;hereby consents to this Ageement and ugsees that th8 i bteduess and my mostgege os security interest in the Devdopment Hated thereto shA be subotdivate to ibe Agre®ent as amental hereby CITY OF BANGOR W. ess Print Name: A A.....A A. 3 Its: C q M."ill Moue Sena HovsivgAvthodry Aamdment to Pmaudel Aeti¢tavce Agwemmt lop lof3 h Stsmamsme Cowry of Kennebec, ss Oaobes_, 2003 Pmonady sppesr the above-named RickC=64 Moltifamily Low Offices ofMvoe Stare Housiog Authority and gave oath to the fosegosm and acknowledged before me the foregoing to be his free act and cited m lus said capacity and the free act sod deed of stud Mame Sure HousmSAutbouty. Noruy Public/Attomey-at-Iaw My Lommusian Eslures' SsteofMsme Comty off ermebec, es. Octobu� 2003 Pess000ly appeared the above-named Bobm BtudacuJr., Pumer ofBmgor SchooWause Assodete,General Parmer ofBmgor Development Associates sod gave oath m the foregoing acid a kvotaledged before me the foregoing to be bie feu su sod deed us his end cTp ty, the free act sod deed ofBansm: SchooWovu Associates in its said capacity, and the fee act and deed ofBuggos De claJme tAssocisms. Notary Public/Attorney-at-Seen My Commivussn Expiaes: Maine Sues HooegsAut smy Ameadment to Peamd A,s mct Agotemmt Ag3of3